Harvest Fund Management Co. Ltd Reduces Holdings in M&T Bank Corporation (NYSE:MTB)

Key Points

• Harvest Fund Management Co. Ltd reduced its holdings in M&T Bank Corporation by 87.5%, selling 1,394 shares and now owning only 199 shares worth $36,000.
• M&T Bank recently reported $4.28 earnings per share for the last quarter, exceeding analysts' expectations of $4.04 EPS, with revenue of $2.40 billion.
• Analysts have mixed views, with a consensus rating of "Moderate Buy" and a target price of $212.88 for M&T Bank's stock, while changes in target prices have been noted by multiple financial firms.

Harvest Fund Management Co. Ltd decreased its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 87.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 199 shares of the financial services provider's stock after selling 1,394 shares during the period. Harvest Fund Management Co. Ltd's holdings in M&T Bank were worth $36,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its position in M&T Bank by 53.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 184 shares during the last quarter. Private Trust Co. NA grew its holdings in shares of M&T Bank by 16.5% during the 1st quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock worth $115,000 after acquiring an additional 91 shares during the period. Concurrent Investment Advisors LLC purchased a new stake in shares of M&T Bank in the 1st quarter worth approximately $225,000. Kingswood Wealth Advisors LLC grew its stake in shares of M&T Bank by 4.4% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock worth $370,000 after buying an additional 88 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new position in M&T Bank in the 1st quarter valued at approximately $46,000. Institutional investors own 84.68% of the company's stock.

M&T Bank Stock Performance

MTB traded up $3.29 on Monday, reaching $188.28. The company had a trading volume of 852,832 shares, compared to its average volume of 1,147,970. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The stock has a market capitalization of $30.22 billion, a PE ratio of 12.19, a P/E/G ratio of 0.91 and a beta of 0.63. The company has a quick ratio of 0.97, a current ratio of 0.91 and a debt-to-equity ratio of 0.47. The stock has a 50-day moving average price of $190.33 and a 200-day moving average price of $184.31.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The firm had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the previous year, the company earned $3.73 earnings per share. As a group, research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's dividend payout ratio is presently 34.97%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MTB. Piper Sandler dropped their price target on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Barclays lowered their target price on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 15th. Wells Fargo & Company lifted their target price on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. DA Davidson lifted their target price on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Robert W. Baird decreased their price target on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, M&T Bank has an average rating of "Moderate Buy" and an average price target of $212.88.

Insider Activity

In related news, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president owned 9,319 shares in the company, valued at $1,838,731.89. This represents a 20.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the sale, the director owned 23,070 shares in the company, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,438 shares of company stock valued at $1,967,346. Insiders own 0.53% of the company's stock.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.